Economy

Thursday, July 17th 2014 - 06:15 UTC
Judge Griesa to hear arguments from banks caught in Argentina/holdouts case

US District Judge Thomas Griesa in New York said on Wednesday that he would hear arguments on July 22 related to the banks and payment agents caught up in the Argentine sovereign debt litigation with holdout speculative funds.
Thursday, July 17th 2014 - 05:49 UTC
Holdout funds claim in ads campaign that Argentina is choosing default scenario

The American Task Force Argentina (ATFA), the group the government of President Cristina Fernandez has officially accused of being funded by same holdout creditors suing Argentina over its defaulted bonds, has resumed its advertisement campaign against Buenos Aires now saying the Kirchner administration is actually “choosing” a default scenario.
Thursday, July 17th 2014 - 05:39 UTC
“K” economist claims holdout hedge funds are after Argentina’s shale resources

The holdout speculative funds or “vulture funds” are going after Argentina’s resource-rich Vaca Muerta region and are seeking to threaten the government with a “technical default” scenario, economist Agustín D’Atellis.
Wednesday, July 16th 2014 - 08:05 UTC
IBSA, as important if not more than BRICS for India

Prime Minister Narendra Modi is visiting Brazil to attend the Sixth BRICS summit in Brazil on 15-16 July. During his meeting with President Dilma Rouseff, PM Modi will review the bilateral relations with Brazil with which India is committed to a strategic partnership.
Wednesday, July 16th 2014 - 08:00 UTC
June inflation in Argentina reached 1.3% and 15% in the first half of 2014

June inflation in Argentina reached 1.3%, accumulating 15% in the first six months of the year, according to a release from the country’s stats office Indec. The release also revealed the wholesale prices had increased 1.5% in June, while locally-made products saw rises of 1.5%.
Wednesday, July 16th 2014 - 07:49 UTC
”The rescue of the euro was necessary but was weak on the social side”, admits Juncker

Germany’s candidate, Luxembourg’s Jean-Claude Juncker was elected on Tuesday President of the European Commission by a strong majority of 422 votes in the European Parliament plenary session. After being proposed as candidate for Commission President by the European Council on 27 June 2014, Juncker needed a majority of 376 votes in the European Parliament.
Wednesday, July 16th 2014 - 01:10 UTC
BRICS sign deal to create development bank and an emergency reserve fund

The leaders of the group of five BRICS emerging market countries signed on Tuesday a deal to create a new development bank and an emergency reserve fund, Brazil's President Dilma Rousseff announced at a summit of the group in the Brazilian city of Fortaleza.
Wednesday, July 16th 2014 - 01:06 UTC
US economy recovering but “too many Americans remain unemployed”

The US economic recovery remains incomplete, with a still-ailing job market and stagnant wages justifying loose monetary policy for the foreseeable future, Federal Reserve Chair Janet Yellen told a Senate committee on Tuesday.
Tuesday, July 15th 2014 - 07:07 UTC
Holdouts call on Argentina to settle debt payments and recall 30 July deadline

Aurelius Capital Management, one of the lead holdout creditors seeking to settle with Argentina over sovereign debt payments from its 2002 default, said on Monday the Argentine government faced a new crisis on July 30 unless it engages in real talks.
Tuesday, July 15th 2014 - 06:49 UTC
Citigroup agrees to pay 7bn dollars to settle sub-prime mortgages investigation

Banking giant Citigroup will pay 7bn dollars to US authorities to settle an investigation into risky sub-prime mortgages. Citigroup will pay 4bn to the Department of Justice and 2.5bn for “consumer relief”.